We have a 1995 F150 reg. cab/short bed with the 300, and a 2000 K3500 Chevrolet crew cab long bed. The Chevrolet is within 2MPG of the Ford. Yet, it has two feet more bed, extra cab, extra heavy springs, shocks, tires, axles,....
If that 350 is anything like the Ford 351 we had for 364k miles of hard pulling duty, it'll last a while.
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In farming, we have a saying. You can use a large tractor for a small job, but you can't use a small tractor for a large job. The fuel money that you may save will likely be negated. If not, once maintenance is factored in, lets just say that I'm through with 6 cylinder pickups (Not counting diesels, or Ecoboosts, or other new-fangled engines with magical wizardry that didn't exist in the 1990s)
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